New lanes are expected to be added to 27mi of highway in order to reduce congestion on Baltimore Beltway (I-695) and I-95 under the initiative.
The new allocation brings the total investment in new transportation projects across the Baltimore region to roughly $7bn to date.
The Maryland Department of Transportation (MDOT) and Maryland Transportation Authority (MDTA) are currently carrying out three design-build projects on the Baltimore Beltway and I-95 to provide maximum relief from traffic congestion during peak times.
Hogan said: “The important traffic relief initiatives we are announcing today will benefit the daily lives of millions of drivers throughout the Baltimore region.
“These exciting new projects are the latest addition to our administration’s ongoing and continued efforts to transform transportation infrastructure in and around Baltimore.”
Nearly $151m of the new investment will be used for Innovative Congestion Relief on both the inner and outer loops of I-695 from I-70 to MD 43.
Adaptive ramp metering will also be deployed throughout the 19mi project.
Furthermore, a new configuration will be designed and constructed for the I-695 and I-70 interchange to ease traffic congestion within the entire Baltimore area.
Nearly $100m has been allotted for this development, while the remaining $210m will be used to extend the northbound I-95 Express Toll Lanes (ETL) for 7.75mi from north of MD 43 in Baltimore County to MD 24 in Harford County.